17 February 2017
EIOPA - European Insurance and Occupational Pensions decided revision of the cooperation between national supervisory authorities, including the ASF in the context of Solvency II implementation of the new regime. EIOPA approach has resulted in the revision of the old Protocol for Siena and was formalized by a decision of cooperation undertaken by ASF as a member of the European authority.
Given the intensification of cross-border activity by insurance companies authorized in the EU, it is necessary to strengthen the mechanism for cooperation between supervisors States of EIOPA to optimize the dialogue between them and continue strengthening its monitoring insurance companies.
Reconfiguring framework for cooperation be established, based on the Solvency II, new rules for both the original and for the host at the time of authorization at the time of the notification and during the surveillance process. The focus is mainly on exchange of information on the financial situation of the company and compliance with solvency requirements. The ultimate objective is to identify early any deficiencies that could affect the stability of financial markets in the state of origin and the host state and could adversely affect consumers' interests, the ASF transmitted in a press release.
To facilitate access to information on cross-border activity of companies, EIOPA intends to constitute a database of data that must be submitted annually by the authorities in the state of origin by the authorities in the host state.
The provisions of the new framework will apply starting May 1, 2017 to all national competent authorities for the supervision of insurance, members of the EIOPA Board of Supervisors and supervisors of EEA EFTA States, also members of the EIOPA Board of Supervisors, to the extent that Directive 2009/138 them applicable.
Cooperation Protocol can be accessed here.
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